Read about how financial planning can make an impact no matter your life stage:
Age: 61 & 59
Occupation: Fortune 500 VP & HR Professional
Primary Goal: They are ready to retire
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The Situation
David and Mary have always been hard workers and savers. Now that they’ve put 2 kids through college, they are ready to slow down and possibly retire. While they’ve done a good job saving, they aren’t sure if they have enough money to retire and they are worried about taxes in retirement. David figures that he’ll start social security once he retires so that they limit what they take out of their accounts but are unsure about paying for health care in retirement.
Ultimately, they still enjoy their jobs, but are tired of the 50 hour work weeks and would like to spend more time traveling while they’re still young. They’ve saved to their 401(k)s through work and have been able to pay off their debt and still save some extra in a brokerage account and Roth IRAs.
David and Mary know they’ve been responsible with saving for retirement, but now that it’s getting closer, they want to better understand when they can retire and how much they can afford to spend throughout retirement without having to worry about what the stock market is doing.
The Approach
Overwhelmed by the amount of information and opinions available, David and Mary engaged with a financial planner who has helped families navigate this stressful time many times. They wanted a process that showed them their options to ensure that they would not only make smart financial decisions for their retirement but also maximize their quality of life in retirement.
The Results
David and Mary were excited to work with someone who would help with their entire retirement picture and not just look at their accounts. They received a comprehensive plan that incorporated:
An income plan that maximizes what they can withdraw during retirement incorporating social security and ensuring they won’t run out of money
Analysis of what that income could look like retiring at 65 as well as if they decided to retire now
A tax plan that helps ensure they don’t pay more than they need to in taxes throughout their retirement
And a partner to help monitor the plan and ensure they aren’t worrying about every day
Now David and Mary have confidence in their retirement plan and know that they are able to retire when they are ready. The best part is that now they can focus on their travel plans and work doesn’t feel as stressful knowing they have a clear picture of retirement.
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Age: 45 & 42
Occupation: Sales Rep & Dentist
Primary Goal: Get plan in place, ensure saving enough for college and retirement. Prepare to retire before age 65.
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The Situation
Michael & Jennifer have both been successful at work and enjoy what they do. They have always prioritized saving, but as Michael has progressed at work he isn’t sure how to maximize his company stock or if they are missing out on any opportunities.
Life is continuing to get busier with work and 3 growing kids. They want to make sure that they are doing the right things by saving for retirement and college, but also want to be able to enjoy the years with their kids.
They have always saved to their 401(k)s and have set up college funds for the kids, but they feel like they should be saving more than what they are. They do like to have nice cars and bought a nice home a few years ago, but don’t feel like they go overboard. Vacations are where they prefer to splurge.
Michael and Jennifer know they have done well financially, but they do worry that they aren’t doing enough. With work and kids activities, they don’t feel that they have time to figure it out on their own so they’d like the help of a professional to ensure they are maximizing their money.
The Approach
Michael and Jennifer didn’t know what to do first so they wanted the help of a financial planner who has worked with other clients in their situation. They wanted to be involved and understand the process, but wanted to know that they had a partner to help them make the best decisions and that they weren’t on their own.
The Results
Michael and Jennifer were excited to get start building their financial plan that looked at everything, not just their investments. They received a comprehensive plan that incorporated:
A tax-efficient investment strategy that incorporated all of their goals
A savings plan that identified how much and where they needed to be saving and investing
A legacy plan that ensure they had the proper life and disability insurances in place along with an estate plan to protect their kids
College savings plan to ensure their kids wouldn’t be burdened by debt after school
A plan that showed what they’d need in investments to slow down work before 65
Now Michael and Jennifer feel confident in where they are saving their money and know they are on track to scale back from work as the kids get older.
Best of all they know they are saving what they need to and are able to go on vacation guilt free.
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